- MVL Wills And Trusts
The Importance of Making a Will
Why do I need a will?
Many people put off making a will, believing they don’t need one or that their loved ones will automatically inherit their wealth and property. In reality, not having a will in place when you die can cause all sorts of problems for those you leave behind. It could mean your inheritance goes to the wrong people… or even to the state.
To cut to the chase, everyone needs a will, especially if you have dependant relatives (children, elderly or disabled relatives), or own property or other assets that you would want family, friends or charities to benefit from. Ultimately, it provides you with peace of mind.
What happens if I don’t make a will?
Without a will you would be classed as having died ‘intestate’. There are specific Rules of Intestacy which set out who inherits and by how much but this may not be what you would have wished and it could be very inefficient with regard to tax.
Without a will…
- You cannot be sure those you would wish to benefit will actually do so
- Your spouse or civil partner will not automatically inherit all of your estate
- Common Law partners may not receive anything
- Children may be taken into care until Guardians are appointed by the state
- The estate may be disputed and there may be lengthy delays for your beneficiaries
A professionally-prepared will allows you to plan what will happen to your estate (your property and other assets) and ensures that those you wish to benefit actually do so.